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CORPORATE SOCIAL RESPONSIBILITY AND SUSTAINABLE DEVELOPMENT

             
 
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PRINCIPLES

 

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specific principles

 
1.Fair and clear relations with customers
 
2.Promotion of accessibility and financial inclusion
 
3. Environment-friendly business
 
4. Making a responsible contribution to the community
 
5. Responsible employers
 
6. The digital dimension
 
7. Communication
 
THEMATIC SEARCH

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A COMMITMENT TO RESPONSIBLE BUSINESS
 

 

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CASE STUDIES BY COUNTRY
   

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> Making a responsible contribution to the community


Austria

 
 

Value Added by Sparkassen Group Austria

Austrian savings banks were founded for the benefit of the customers in their region and still stand for the same values as they did back then. We make an important contribution to the regional economy in Austria and thus support stability and simultaneous economic recovery, not least by securing jobs. Corporate Social Responsibility (CSR) is now used by many as a protective coating, distracting from real problems. As savings banks we already have this community orientation anchored in our founding nearly 200 years ago, acting as a genetic code.
Austrian savings banks were founded for the benefit of the customers in their region and still stand for the same values as they did back then. We make an important contribution to the regional economy in Austria and thus support stability and simultaneous economic recovery, not least by securing jobs. Corporate Social Responsibility (CSR) is now used by many as a protective coating, distracting from real problems. As savings banks we already have this community orientation anchored in our founding nearly 200 years ago, acting as a genetic code.

VALUE ADDED

The Institute for Industrial Research (Industriewissenschaftliches Institut/ IWI) calculated the economic footprint of the savings banks and its effects on the regional economy on behalf of Sparkassen Group. “This study provides a detailed overview of the real impact we have on Austria's domestic economy,” explains Fabisch. IWI managing director Herwig Schneider highlights that the social security and tax payments of Sparkassen Group generated more than EUR 1.5 bn in fiscal and social security contributions in 2016.

“As a leading financial institution, the activities of Sparkassen Group strengthen Austria as a business location and generate economic output and added value in Austria on a direct, indirect and induced level,” as Gerhard Fabisch, president of the Savings banks associations points out. That impact takes place both directly through the business activities of the Sparkassen Group itself, and indirectly through companies that are integrated into the chain of production by providing intermediate inputs. Induced effects are the result of consumer spending made possible by employment and capital spending generated (directly and indirectly) in Austria's economy.

The Sparkassen Group generated total economic output valued at EUR 8.5 bn in Austria's economy in 2016 (2015: 7.8 bn). The amount of economic output represents the value of all goods and services produced by activities of Erste Bank und Sparkassen, including intermediate inputs of suppliers; this metric is essentially equivalent to sales figures for companies. The amount of economic output includes EUR 3.9 bn in direct effects from activities directly attributable to the operating business of Sparkassen Group. In addition, it encompasses EUR 2.6 bn in indirect effects from intermediate inputs of suppliers and service providers, as well as EUR 2.0 bn in induced effects due to consumer and capital spending. Every 70th Euro in value added in Austria's economy is connected with Erste Bank und Sparkassen.



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